Dilok Klaisataporn/iStock/Getty Images Plus According to the latest data from the U.S. Treasury Department, the People’s Republic of China sold off a record amount of U.S. Treasuries in the first quarter of this year. The latest offloading of U.S. government debt, totaling $53.3 billion, continues a years-long trend of reducing Chinese exposure to U.S. dollar-denominated assets — even as the Chinese government builds up its gold reserves. Once a holder of more than $1 trillion in U.S. government debt, China now holds less than $800 billion — still a significant sum, but less than Japan, and only slightly more than the U.K.
This is actually a positive sign for the United States, since it means that less U.S. government debt is controlled by a major adversary of the United States. China still controls enough U.S. debt to do enormous damage to the dollar, should it choose to sell off all […]
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